The family of late Herbert Wigwe is in the news concerning his estate. His cousin Christian Wigwe, has placed a caution on the processing of letters of probate over the deceased’s estate stating that Mr Aigboje Aig-Imoukhuede, the deceased bosom friend and business partner was playing the role that belonged to the deceased’s father — Shyngle Wigwe, in that he had assumed indirect guardianship of his children and assets.
He stated further that although Mr Aig-Imoukhuede has continued to support the deceased’s parents and children financially, he is an Executor De Son Tort and has failed to provide any formal account on how the expenses are being met or the financial status of the deceased assets.
Furthermore, he averred that Mr Aig-Imoukhuede’s unrestricted access to the deceased estate is causing disaffection and tension within the family as some relatives “gravitate towards him in an effort to secure his favour”
The fact that there is some infighting in the late Wigwe family is very sad news, however, the affidavit put a different slant to the earlier news that his 90 year old father was jostling to control his estate and demanding that he be made a beneficiary ostensibly on behalf of the deceased’s children. The incident has raised the issue of inheritance and who inherits from whom. Many people see nothing wrong in a man inheriting from his dead son and have blamed the dead for not catering for his aged parents in his Will. Their main argument being that whatever the son had, was because of his parents provision whilst some think it an abomination that a man would inherit from his son who predeceased him.
I am amongst those and I think I have been heavily influenced by my culture to so think, that a parent should not seek to inherit from their child, but I must say that the issue playing out at the probate registry concerning the Wigwe family and the fact that I have an aged parent has made me have a bit of rethink as to what should happen when a child predeceases a parent especially if the parent has been dependent on that child, and also the fate of the thriving business of a person who suddenly dies or becomes incapacitated.
I understand the sentiments of the Wigwes and I can’t blame them though I don’t know if they have the right to take the stance that they have taken nor do I agree with the way they have gone about it. They are mostly in the dark about the assets of the deceased, especially those he owned with his friend and business partner. They are suspicious (rightly or wrongly) that he may take over their late son’s assets under the guise of helping out. They are angry that he is not accountable to them and that he may influence the children of the deceased who are young and impressionable to shut the family out.
The issues being raised should make us all circumspect about our lives and death particularly as it concerns family and friends especially if we have a sizable estate and business partners who know more about our affairs than our family members.
Death is one of the few certainties in life and ill health though avoidable can happen to the best of us yet we all shy away from preparing our loved ones from a life that we may not feature in and even if we do prepare for it many of us think of protecting our children and business and not our aged parents. Many that have large assets or thriving businesses do not put down in detail what should happen if they die or are incapacitated. Many of us have business deals with our partners that are not structured or even documented and it may be because we trust our partners but what makes us sure that they will stay true and loyal to us when we are dead or ill and even if they do, there is the possibility like that which is playing out now, that our loved ones may not have the same level of trust we have in them.
When we pass away, the last thing anyone would want is for one’s family to face legal, emotional, and financial chaos. If we have young children, the importance of drafting a will cannot be overstated. In it, you can appoint guardians, ensuring your children are raised by people you trust. If you have aged parents, preparing for death also means thinking about their long-term care. In our society, the responsibility for elderly parents falls to the children and by setting up financial provisions or designating specific caretakers, we can ensure they are looked after when we are no longer able to do so.
Many people mistakenly assume that a will alone is enough to protect their assets. Wills are relatively simple to create and one can specify exactly who receives assets and appoint guardians for minor children. They can be changed or updated easily as one’s circumstances or preferences change, provided one is mentally competent and they are recognized by courts in most countries, which ensures that one’s estate will be distributed according to one’s wishes, even in complex family situations. However Wills must go through probate, which can be time-consuming and costly and a Will only distributes assets upon death, and doesn’t provide ongoing management or control of assets after the distribution. Finally, Wills are more susceptible to legal challenges from disgruntled family members or potential heirs.
For those with significant wealth, an estate plan that includes a trust may be more effective. Trusts can help avoid probate, reduce estate taxes, and provide ongoing support for beneficiaries, whether they be minors, elderly parents, or even charitable organizations. Unlike wills, which become public records during probate, trusts remain private. The details of the assets and the beneficiaries are not disclosed to the public and they offer greater control over how and when one’s assets are distributed. One can set conditions (e.g., age milestones or educational achievements) that beneficiaries must meet to receive their inheritance. Trusts also provide for the ongoing management of assets, making them ideal for individuals with young children, beneficiaries with special needs, or those who want their assets to be managed over an extended period of time and the best thing about them is that they can come into operation whilst one is alive and can be tweaked for effectiveness.
The disadvantages of Trusts are that they are more expensive and complex than Wills and they must be properly maintained and managed either by a trust company or trustee which will include ongoing administrative costs. They must be properly funded to be effective which means that the ownership of the assets covered by the trust must be transferred to the Trustee or trust company and once transferred especially where it is an irrevocable trust, they cannot be easily removed or altered.
For business owners or those with significant assets, succession planning is critical. Without a plan, your business could face difficulties, and your partners could find themselves in legal battles from family members who may be trying to protect their loved one’s assets. Establishing clear instructions on how your business should be managed, sold, or transferred after your death can protect the livelihoods of your employees and partners and also ensure that your assets are not taken over by people who know more than your loved ones. Additionally, insurance policies are a good tool for estate planning and they can cover funeral expenses, pay off debts, and provide financial security for one’s dependents.
The good news is that one can use both Wills and Trusts in their estate planning to combine the benefits of each and provide maximum protection and flexibility for their families and assets. The truth is that although planning for death might seem morbid, it brings a sense of peace and it is a thoughtful, responsible action that benefits everyone involved. Whether you have a business to protect, aging parents to care for or young children to provide for, addressing these issues head-on, provide clarity and reassurance for one and your loved ones. Ultimately, it’s not just about the end of life—it’s about preserving your legacy and providing for those you care about most. So please let’s start having the necessary conversations and thinking about and planning for all that may happen after our demise.